The Indian Rupee has reached its lowest level against the dollar. On Friday, the price of one dollar became 85.97 paise. The biggest reason for pressure on the Indian currency is the strength of the dollar. The dollar index remains above 109, which is close to a two-year high. The decline in the domestic stock market is also the reason behind the weakening of the rupee.
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A fall in the rupee was also recorded on Thursday. The price of one dollar was 85.93 paise. Today is the fourth consecutive day when the rupee closed below its previous record low. Also, this is the tenth week when the rupee has declined.
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According to the information, the market is waiting for the US non-farm payroll data, which can also affect the partial possibilities of rate cut by the Federal Reserve. Let us tell you that following the instructions of the Reserve Bank of India (RBI) on Friday, some government banks sold dollars, this helped in limiting the fall of the rupee.
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Speaking to Financial Express, Anuj Chaudhary, Research Analyst, Mirae Asset Sharekhan, said that pressure on the rupee may continue in the coming times. He further said, “Weak condition of domestic markets, strong dollar and continuous withdrawal of foreign portfolio investors (FIIs) can have a negative impact on the rupee. Apart from this, increase in crude oil prices and rise in US treasury yields can also put pressure on the rupee.
PM Modi told who is the person who talks to me as ‘Tu’, Prime Minister revealed many secrets in his first podcast Watch Video It is being told that the increase in American bond yields and the fall of dollar in the non-deliverable forwards (NDF) market. Strong demand also led to a decline in the value of the Indian rupee. Amid continued challenges like the strengthening dollar and global economic uncertainties, the rupee remains under heavy pressure. However, regular interventions by RBI have helped in controlling the fall of the rupee. Experts believe that the position of the Indian rupee may remain weak amid the current global economic conditions and domestic reasons.
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